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Marc Bolland attacks Marks & Spencer pension fund deficit

In what is a very positive move in his early days in office, Marc Bolland, the new chief executive of Marks & Spencer, has confirmed the company will inject £800 million into the company's pension scheme between now and 2018. The pension scheme is rumoured to have a £1.3 billion shortfall and there were concerns about how the company would tackle this problem.

It appears that the company will make payments of £35 million a year for the next three years, £60 million a year for five years after that and also pledged an additional £300 million in property portfolio transfers and £124 million of other financial assets. This positive action with regards to pension fund deficit would appear to bode well for the future of Marc Bolland who joined Marks & Spencer with a reputation for forward thinking and solid planning.

Final salary pension schemes are becoming something of a nightmare in the UK with many now underfunded and some companies struggling to find additional finance to make up the shortfall. The recent fall in the UK stock market has tipped the balance in the sector and more pension schemes are now showing significant deficits.

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